You may be wondering: Why the sudden price action in what looks like a clear down trend? Why did Pantera move the market? The short answer is: The Great Bear Squeeze.
They have eliminated like 40% of the whole bear population in just a single swift move. Easy money. At first they went short. They painted a triangle at the bottom of a down trend and tricked the market into thinking that this is a continuation pattern. Then they bought and stopped out/rekted all the bears.
So far we had 2 huge pumps on 2x the avg daily volume. Seems that they are determined to move the price further up, because they probably went long on the futures. CME futures expire on the last friday of the month, that puts it on Friday, 27th. And by 29th we might also get a golden cross on daily that will drive the price even further.
The Sentiment (Longs vs Shorts on Bitfinex) shows that we had an ATH of open shorts just before the sudden price rise. This has only happened like 3 times in the recent history of Bitcoin. And when everybody's shorting, who's making the money? It's toxic for the coin. So, keep an eye on Sentiment. If price is moving down and there's more shorts than longs - expect a knife in your thick bear back in the dark alley of the market.
But, make no mistake, bears will return in The Great Revenge of the Bears to take their turn. Put your bear cave ad on BearBNB in advance - running, wounded, heavily beaten and bleeding bulls will need shelter.
What i dont understand is how the price keeps going up while the longs are going down.
RagingRocketBull
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@Acel, bots are probably driving the price up, the whole TradingView was thinking we're gonna crash - the site's indicator showed Sell, we had ATH shorts on Bitfinex. Or maybe they are just removing some fake long walls?
The bulls are likely waiting for a clear signal such as a golden cross. We had a decent real volume spike after a golden cross on H4. We might have another one after the cross on a daily.
Acel
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@RagingRocketBull, i was thinking something along, they know how the majority of the bots work and they are trying to trick them by making them drive the price slowly upwards, creating more buy pressure than selling.